Pre Approval vs Pre Qualified vs Underwritten Pre Approval: What’s It All Mean?

When you’re getting ready to start looking for homes, you’re probably dreaming about more space, a big backyard, or a garage rather than low mortgage interest rates. But failing to get preapproved before home shopping can result in heartbreak. Do you know the difference between pre approval vs pre qualified when it comes to mortgage loans?

Marcus Rittman, director of mortgage operations at HomeLight, has seen that “the catalyst for most homeowners wanting to get approved for a mortgage is finding a home that they love.” The problem is, if they haven’t been preapproved, they’re “scrambling to get approved and can miss out on a home because it takes time.”

Don’t let that be you! Here’s what you need to know about pre approval vs. pre qualified vs. underwritten preapproval so that you know which one you’ll need before touring your first home.